"Mother" NewJeans prevailed against HYBE, can be compensated an additional 20 billion?

Thảo MaiMay 31, 2024 at 10:18

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On May 30, the Court approved Min Hee Jin's complaint about the voting ban against HYBE. After review, the Court decided that HYBE cannot currently fire ADOR's CEO. This is considered a lifesaver for NewJeans during their comeback.

Previously, thanks to owning 80% of ADOR's shares, HYBE Group decided to convene an extraordinary general meeting of shareholders tomorrow, May 31. The dismissal of ADOR CEO - Min Hee Jin will be discussed and voted on. Director Min immediately objected and filed an application for a temporary voting ban against HYBE.

Mother NewJeans prevailed against HYBE, can be compensated an additional 20 billion? - Photo 1

Civil Resolution Board No. 50 of Seoul Central District Court (Korea) approved Min Hee Jin's complaint. Thus, HYBE will not be able to vote on the dismissal of CEO Min at tomorrow's general meeting of shareholders.

According to the court's ruling, based on the shareholder agreement signed between the two parties, HYBE has the right to dismiss Min Hee Jin through dismissal or resignation. However, Chief Justice Kim Sang Hoon said: "HYBE has the responsibility to explain the reasons for dismissal and resignation, but based on the arguments and documents submitted so far, the reason for dismissing CEO Min r.emains not yet fully verified."

Mother NewJeans prevailed against HYBE, can be compensated an additional 20 billion? - Photo 2

"It's clear that Min Hee Jin is looking for a way to take NewJeans out of Hybe's control or put pressure on Hybe to reduce its control over Ador so she can take independent control over Ador. But it is difficult to say what specific action she took while her action may have been considered treasonous towards Hybe, it is difficult to see that it was a breach of her duty to her. Ador", the court further shared.

At the same time, the Chief Justice believes that prohibiting HYBE from voting is necessary because CEO Min may suffer damages that are difficult to recover. Therefore, to ensure that HYBE does not violate its voting ban obligation, the court also determined that HYBE will have to pay 20 billion won (about 345 billion VND) in compensation if it exercises voting rights to fire CEO Min Hee. Jin.

Mother NewJeans prevailed against HYBE, can be compensated an additional 20 billion? - Photo 3

With the above decision, HYBE will likely not be able to exercise its voting rights and cannot fire CEO Min Hee Jin at the shareholder meeting. Thus, Min Hee Jin can still continue to stay at HYBE, maintain the role of CEO of ADOR and accompany NewJeans in the near future.

Meanwhile, many netizens also expressed their "celebration" equally:

"I already knew this, just look at how HYBE manipulates the media."

"HYBE is just trying to bury Min without any concrete evidence."

"I feel so relieved. Min Hee Jin please accompany NewJeans!"

Mother NewJeans prevailed against HYBE, can be compensated an additional 20 billion? - Photo 4

President Bang Si Hyuk previously suffered a wave of boycotts after being "exposed" of a series of abuses of power, dirty media, intimidation of journalists, and falsification of digital music achievements. Therefore, this "victory" of Min Hee Jin is believed to ensure the future career of the g.irl group NewJeans.

However, most netizens do not see this as the end but continue to wait for the drama. Because even though Min Hee Jin cannot be fired, HYBE can still replace other directors of ADOR and also has the right to limit some of Min Hee Jin's power.

Mother NewJeans prevailed against HYBE, can be compensated an additional 20 billion? - Photo 5

It can be said that this ruling not only keeps Min in a leadership position but also sets an important precedent regarding the rights of shareholders and company management in the entertainment industry. Thereby, the story of Min Hee Jin and Hybe not only stops at an internal dispute but also opens up many deeper issues about corporate governance and loyalty in the Korean music industry.

Mother NewJeans prevailed against HYBE, can be compensated an additional 20 billion? - Photo 6

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